The pandemic that has slammed the global economy continues to take a toll on former President Donald Trump’s personal wealth – with a steep drop of hundreds of millions compared to a year ago.
Trump’s total wealth is now estimated at $2.3 billion, according to the Bloomberg billionaire’s index. That is down from $3 billion before he took office.
Trump famously announced he would step away from his real estate and branding empire, putting it in the hands of his adult sons Don Jr. and Eric, along with a Trump Organization executive when he took office – despite calls by public interest groups that he sell.
He also decided to forego the presidential salary of $400,000, donating it instead.
The coronavirus and government responses have taken a devastating toll on the travel and hospitality industry. Trump’s Washington, D.C. hotel, which was able to cash in with big bookings early in Trump’s term, has been seen with its once buzzing lobby virtually empty during reporters’ visits in recent months.
Amid the turmoil, the former president has at least $590 million in loans coming due over the next four years.
He decamped to Mar-a-Lago after skipping successor Joe Biden’s inauguration, a property where the company was able to boost membership dues after Trump took office and continued to make regular visits.
That is one area where income has gone up: it raised $23 million last year, compared to $22 million in 2015, before membership dues jumped to $250,000.
But the gains aren’t enough to make up for areas where Trump’s holdings suffered in commercial real estate and golf courses – where income is off 19 per cent from 2015.
Bloomberg quotes property advisor Ruth Colp-Haber saying Trump is facing a ‘triple whammy’ of COVID, an aging portfolio, and the aftermath of the MAGA riot.
That even has brought daily headlines of arrests of MAGA supporters who stormed the Capitol, and boycott efforts against some Republicans who joined Trump’s election overturn effort.
The pandemic has also hit demand for commercial real estate – and the value of Trump’s stake in a the building at 1290 Avenue of the Americas in Manhattan has dropped by $80 million, to $685 million, according to the estimate, which examined financial disclosures, real estate documents, and loan documents.
His building at 40 Wall Street is valued at $278 million, down from an estimated $550 million before he took office.
The Trump Organization pulled back after trying to sell its luxury hotel in Washington, D.C. in 2019. It jacked up rates on March 4th, when some believers in the QAnon conspiracy theory believed Trump would be inaugurated for a second term, according to room rates posted online. The company has a long-term lease on the building with the federal government.